What if your back-to-school shopping list includes a home this year? There are many benefits to buying a home in the fall season, especially currently. In this article, we are going to share the benefits of fall home buying. Covering how “back-to-school” affects homebuyers, our best tips for scoping out the right neighborhood to buy in. We will also discuss a wonderful down payment assistance program for educators this school year!


What are the benefits of buying a home in fall?

Many have commonly accepted the idea that spring is the best time to sell or buy a home. While there are benefits to spring home buying, there are many advantages of home buying in the fall. If you can resist jumping on the spring home buying bandwagon, then buying in the fall may be a great decision for you.

The main fall home buying advantages:

  1. There are less shoppers in the fall season. According to the National Association of Realtors (NAR), every year, home buying typically spikes in the spring and summer months. Meaning there are fewer people looking to buy a home in the fall and winter months. If you buy a home in the fall, then you will likely have less competition for having your offer accepted. You may also have more time to decide what home to buy! In the past few years, the home buying competition has been very high with many borrowers experiencing several rejected offers. With the fall season coming and the market shifting from a sellers’ to a buyers’ market, now may be the perfect time to consider buying a home.
  2. Home prices tend to drop. With the amount of home buyers on the market decreasing in the fall, so does the price of many homes. Many homeowners who missed out on the peak months will lower their asking price as they are experiencing fewer eyes on their house. As a homebuyer, this is a great time to get the home you want for a reasonable price.
  3. You will have more attention from appraisers, realtors, and loan officers during the buying process. During busy months, professionals are stretched thin in the home buying space. With fewer sales in the fall, more professionals are available to guide and assist you during the process. Working with a trustworthy professional makes a huge difference. For example, your loan officer will be able to use their expertise to find loopholes and programs that you can qualify for to assure you get the best financing on your house. Buying a home is a huge investment and not a “one-product-fits-all” matter.

Contact one of our loan officers today for a personalized mortgage solution!


Does the school district matter when buying a home?

Whether you have kids or are planning to in the future, the location of your home may play a large role in whether you purchase the home or not. A home is a huge financial investment. If you do have kids, then you may want to be sure that the neighborhood is in a school district that you find adequate for your child’s education. Paying for a private school is another financial expense in addition to the financing of a home. If you don’t have children yet, then it is likely that you will live in this home for many years since it is a serious investment. Therefore, you may want to consider the school district if you plan to have children in the future.

If the school district feels like a consideration in your home decision, then don’t feel alone. According to the 2019 Moving with Kids Report by the NAR, 53% of homebuyers with children claimed that they considered a neighborhood solely based on the quality of school districts in that location. In addition, 50% of buyers with children under 18 ended up selecting a neighborhood based on its convenience to certain schools (NAR).


How do I find the right neighborhood to live in?

House hunting can be daunting. Remember some things can be changed/updated/etc. However, there are some things that cannot be changed, such as the location of your new home. Take time to figure out what’s important to you and what your goals are to finding the right type of location. Maybe living within walking distance of parks is important, or being in the center of the city, or maybe you’re looking for a quiet safe place in the country! Here are some key items to think about when considering the location for your new home:

  • School districts
  • Crime statistics
  • Distance to necessities
  • Distance to stores, shops, and entertainment
  • Location to loud and busy streets, etc.

To find this information, check many sources. Read reviews of the area, ask the seller or your realtor, and head over to check the area out yourself. In How To Find A Family-Friendly Neighborhood, many helpful research resources are provided for each criterion.

For more information about house hunting, Direct Mortgage Loans has a free online video course with everything you need to know! Truthfully, being educated on home buying will make you more comfortable and successful in the process.


Are there grants and home loans for teachers?

Back-to-school season also means that the teachers of the world are also heading in to educate the youth! For teachers, Direct Mortgage Loans offers a down payment assistance program to assist your home financing needs! Down payment assistance programs aid home buyers by providing grants, or loans, to reduce the amount needed for a down payment. For instance, down payment assistance programs may cover closing costs too. There are specific requirements to be eligible for a DPA program, and different DPA programs have varying requirements and lenders that they work with.

Teacher Next Door Program

The Teacher Next Door (TND) program offers grants and down payment assistance for the purchase of single-family homes to pre-K through 12th grade teachers. Some potential benefits of this loan program are:

  • Up to $8,000 in grants
  • Up to $10,681 in down payment assistance
  • Discounted and/or waived fees
  • Lower interest rates

There are more than 2,000 different DPA programs, make sure to work with a professional to find ones you may be eligible for.

*Eligibility and approval is subject to completion of an application and verification of home ownership, occupancy, title, income, employment, credit, home value, collateral, and underwriting requirements. Direct Mortgage Loans, LLC is licensed in Maryland. Direct Mortgage Loans, LLC NMLS ID# is 832799 (www.nmlsconsumeraccess.org). Direct Mortgage Loans, LLC office is located at 11011 McCormick Rd Suite 400 Hunt Valley, MD 21031. This is a paid endorsement. Equal housing lender.